Core Insurance, Risk Management
PR Newswire | August 03, 2023
CCIG, a leader in risk management and insurance solutions for business and individual clients nationwide, has announced a dedicated partnership to support the growth of an established group captive insurance program for companies across the country.
Instead of navigating the volatile traditional insurance market to obtain coverage, group captives unite companies with a shared commitment to safety, risk management and financial oversight to create and fund their own insurance program.
When business leaders embrace this approach as a long-term business strategy, they achieve greater stability in their annual insurance costs by partnering with other like-minded owners. The opportunity to earn a return on premiums allows companies to drive down net costs every year.
"Group captives are an extension of our clients' entrepreneurial spirit, and we're proud to partner with a captive manager that provides an established track record of successful, profitable and stable group captives which we can now offer to clients," CCIG President Andrew Mahoney said. "Clients who already take the initiative to manage their costs through robust safety programs and risk management strategies can further capitalize on additional savings not available in the traditional marketplace."
A successful group captive contains highly vetted members whose stability builds a peer group environment. The group's members have the benefit of sharing best practice ideas and learn from other highly profitable and safe firms that a traditional insurance relationship cannot provide.
Mahoney said that CCIG's exclusive captive manager partnership includes a myriad of industry-specific group captives. He added that a construction-specific group captive has gained attention from clients already, having produced approximately 27% of returns on premium and distributed more than $45 million in premiums back to captive members in its 20 years of existence.
CCIG's practice area leader of safety, Gary Glader, was instrumental in creating the construction captive offering in 2003.
"The historical knowledge he has gained throughout this period results in safer companies and our ability to deliver fast, proactive solutions that others cannot," Mahoney said.
Glader said group captives can be a game-changer for participating businesses.
"Group captives provide a competitive edge for sophisticated companies who are ready to maximize their financial investment in insurance," Glader said. "Not only do companies benefit from a built-in network of peers with a common goal, it can also drive phenomenal business results for participating companies."
Since 1985, CCIG is a fiercely independent, rapidly growing insurance brokerage, delivering risk management and insurance solutions to their clients. They represent clients nationally and have offices in Denver, CO and Austin, TX. Living up to their "curious broker" philosophy, their Advisors are relentlessly focused on understanding the needs and evolving landscape within their respective industry verticals. CCIG has an award-winning culture, being named Max Performer of the Year and a "Best Practices" Insurance Broker by The Independent Insurance Agents and Brokers of America. CCIG lives by the acronym of RISE: Relationships, Innovation, Strategy, Excellence, and this is the foundation on which all decisions are made.
Risk Management, Insurance Technology
PRnewswire | June 29, 2023
Shift Technology, a provider of AI-powered decision automation and optimization solutions for the global insurance industry, today announced Central Insurance has expanded its use of the company's technology to include Shift Subrogation Detection. As a result, Central Insurance can better identify those claims for which a third party may be wholly or partially responsible for paying. The decision follows the insurer's successful use of Shift Claims Fraud Detection to identify suspicious activity in the claims process over the past three years.
Central Insurance is recognized for delivering exceptional hospitality and fulfilling its promise to quickly pay policyholders for covered losses when they occur. The company's use of Shift's Claims Fraud Detection solution has proven effective in identifying legitimate versus suspicious claims and settling claims quickly and fairly. By introducing subrogation detection into the claims process, Central Insurance can more effectively spot hidden subrogation opportunities and develop optimal recovery strategies.
"When a policyholder files a claim, they want to be made whole for their loss," said Jeff Lieberman, Director of Anti-Fraud and Recovery at Central. "The intricacy of what goes on behind the scenes is not important to them, but it's very important to us. Anytime we're able to efficiently and accurately identify if all or part of a claim is the responsibility of a third party, we ensure our policyholders are paid quickly while creating opportunities to recover that loss for the business."
Shift Subrogation Detection helps insurers accurately identify subrogation opportunities at scale and recommend claims handler actions that improve recovery outcomes, thus reducing claims leakage while providing a top-tier customer experience. Shift uses artificial intelligence to analyze claims data to provide a holistic view of the claim, including what happened, who was involved, and could other parties be at fault. Alerts provided by the solution include clear guidance on the nature and specifics of the subrogation opportunity, allowing for optimized demands and recovery execution. The ability to eliminate manual review and identification of recovery opportunities empowers handlers to focus their time and effort on opportunities with the highest likelihood of recovery.
"Not all claims are the responsibility of the policyholder making the claim; however, it's not always easy to make that determination," explained Paul Edwards, Vice President of Claims at Central. "Doing so has long been a manual and time-consuming process. Central is turning to innovative solutions like Shift Subrogation Detection to better understand what's happening in the claims process and ensure the parties truly responsible for a loss are held accountable."
About Shift Technology
Shift Technology delivers AI-powered decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.
GlobeNewswire | September 12, 2023
Matic, a leading digital insurtech platform, and Dart Bank announced today a strategic partnership to provide P&C insurance products to Dart Bank customers. Under the partnership, Matic’s innovative insurance marketplace of 50 A-rated carriers will be integrated into Dart Bank’s customer offerings.
Since its inception, Matic has transformed the landscape of the insurtech industry by embedding insurance into the home and auto ownership experience. Through this exclusive partnership, Matic will deploy home and auto insurance across Dart Bank’s mortgage originations, servicing, and banking channels.
"This partnership represents a significant milestone in our pursuit of delivering meaningful solutions to the clients of Dart Bank that will enhance their daily lives," said Bryan Clark, Sr. Vice President of Mortgage Banking, Dart Bank. "This will be especially beneficial as we continue to incorporate technology innovation and digital solutions into our customer offerings."
"Matic was built to cater to the dynamic nature of the banking industry, enabling a seamless integration of insurance across the customer lifecycle," said Matic CEO and co-founder Ben Madick. "We are thrilled to be an integral part of Dart Bank’s vision to streamline and enhance the banking and lending experiences."
All Dart Bank clients are eligible for P&C insurance through Matic’s proprietary matching technology. In addition to home and auto insurance, Matic will offer umbrella, jewelry, flood, dwelling fire, and other personal lines of insurance to meet customer needs within the Dart Bank banking, lending, and mortgage servicing experience.
Since 2014, Matic has changed the landscape of the insurtech industry by integrating insurance within the home and auto ownership experience. Today, Matic’s digital insurance marketplace has 50 A-rated home and auto carriers, as well as distribution partners in industries ranging from mortgage originations and servicing to banking, real estate, personal finance, and more. With a single-minded focus on advocating for policyholders, Matic has created an easy and transparent shopping process, saving customers hours of work and over 30% in premiums each year. For more information, visit matic.com.